AGF Management Ltd. Cuts Stock Holdings in Cenovus Energy Inc. (NYSE:CVE)

AGF Management Ltd. reduced its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 83.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 353,191 shares of the oil and gas company’s stock after selling 1,839,526 shares during the period. AGF Management Ltd.’s holdings in Cenovus Energy were worth $5,354,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Wahed Invest LLC raised its stake in shares of Cenovus Energy by 5.6% in the third quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock worth $276,000 after purchasing an additional 875 shares during the last quarter. Montgomery Investment Management Inc. lifted its stake in Cenovus Energy by 1.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company’s stock valued at $857,000 after acquiring an additional 894 shares during the period. Harmony Asset Management LLC boosted its holdings in shares of Cenovus Energy by 8.1% during the 3rd quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock valued at $224,000 after acquiring an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Cenovus Energy by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock worth $1,287,000 after acquiring an additional 1,209 shares during the period. Finally, TD Private Client Wealth LLC raised its holdings in shares of Cenovus Energy by 3.2% during the third quarter. TD Private Client Wealth LLC now owns 40,194 shares of the oil and gas company’s stock valued at $672,000 after purchasing an additional 1,236 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Trading Up 2.3 %

NYSE:CVE opened at $13.25 on Thursday. Cenovus Energy Inc. has a one year low of $12.07 and a one year high of $21.90. The business has a fifty day moving average price of $14.59 and a 200-day moving average price of $15.76. The firm has a market capitalization of $24.16 billion, a price-to-earnings ratio of 10.95 and a beta of 1.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $11.08 billion. Sell-side analysts forecast that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a yield of 3.83%. The ex-dividend date is Friday, March 14th. Cenovus Energy’s dividend payout ratio is currently 40.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Royal Bank of Canada dropped their price target on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and an average target price of $29.25.

Cenovus Energy Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.